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tv   Special Transbay Joint Powers Authority 82516  SFGTV  September 16, 2016 6:40pm-7:01pm PDT

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>> we'll call the shortened special meeting of the transbay joint powers authority for thursday, august 25, 2016, will you call the roll madam secretary. >> and note for the shortened record supervisor kim is having a scheduling conflict. >> director reiskin and director nuru and director harper is we have quorum. >> thank you. >> next item. >> >> 3 public comment for members of the public e members to address you own not on today's calendar and no speakers. >> there's a small calendar.
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>> next item. >> the shortened special calendar item 4 is authorizing the shortened intern executive director for the one and $70 million with the shortened u.s. department of transportation and the shortened collateral agency for the shortened finances moving forward and thank god the shortened chief financial officer for the hedging as by the shortened lender and the shortened interest rate for the shortened intern. >> directors we'll present on this item. >> good afternoon directors. >> we're requesting for your approval for mark to be able to execute a negotiated third amendment to the shortened third amendment to what is called the collateral agency agreement the shortened agreement that delicates the flow of funds for that the loan
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and in short the shortened amendment are necessary for the shortened city financing to close the city financing has the parity in the plunged revenue revenues and an amendment is necessary in order for them to content to the city financing they've provided the draft and we are working with them to finalize them any changes will be we'll only agree to changes beneficial to tjpa one requirement they have placed on approving the shortened city financing we have to have interest rate to enter into an interest rate for the shortened city fink our proposal is that we not hedge the shortened entire amount of the city financing at the same rate as you you've heard mark and ron
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comment we'll not use the entire amount to the proposal is that we hedge for the shortened amount we are expected to draw no-brainer one hundred and 50 mental illness at a 3 percent rate and less hedge remainder 4 to 5 percent. >> so approving that will allow us to move forward for the shortened bridge loan we did a competitive interest rate and the shortened cap when will be the same unless we determined it is no, not in our best interest if we determine that most cost-efficient to purchase two new caps for the shortened pretty much requirements and not needed any further for the brick loan and with that, i'll be happy to answer any questions you may have. >> and a bit avenue technical
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item. >> how can you sell something not needed any further. >> an asset that has value in the market one and 3 percent cap is in the money speaks for itself meaning that the shortened interest rates have been above the strict process to so we've golden payment a full year term if we held on to it any time it was blow 3- base points a payment in july we have approximately $90,000 because the shortened bridge loan is no longer outstanding but the shortened interest rate for such we received a payment i think that would be - if we're not modifying it to use it for the shortened purposes it would be in our best interests to sell it rather than 50 or
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$90,000 here and there but to try to recoup some of the costs of the original cap. >> so it will have to go through the shortened swap advisory i've never trusted that situation no market no market there just a bunch of whorl and dealers that's a long term player that gets the shortened deal i don't know that tjpa considered a long term plan but avoid this if you can getting new i s da agreement but you have to have them i think they're basically junk just to get the boys some money any questions on it. >> straightforward that's the shortened problem yeah. i like the will fact
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there is a 4.5 percentage 16 years ago. >> not request quite that but sitting other than a rich, rich loan and want to you 9 to 5 it might fair market rate no objections and both together two resolutions; right? >> two resolution. >> one resolution. >> just one resolution okay. >> second. >> motion and approval will you call the roll. >> and no public comments wants to address the item director reiskin director nuru and director harper 4 i's and item is approved
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okay. >> call the shortened north america. >> good work by the way, that is complex thing. >> we have a full team to help out so - >> next item, please. >> item 5 quarterly financial report. >> and directors you have the shortened quarterly financial reports for the full 2016 fiscal year so it is the shortened complete budget protocol, of course, everybody or everything is within the shortened available budget and mark requests i point out big salesforce in 3 might cpr major program management and others legal services we had $2.9 million under budget for those 3 line items and the contract go status report for the shortened contract through june 30th with the shortened
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percentages with the quarterly investment the protocol is 200 and $39 million in the shortened treasures and commercial paper and the final report is showing on the shortened capital side we've spent one $.6 billion through june 30th and i'm available to answer any questions. >> seeing none, i'd like to. >> mark. >> i'd like to point to one item the shortened operating experience we looked at $715,000 and we've been utilizing what we received since the shortened beginning so we will be asking for that money one way or another in the transit center opening. >> so our deal with regions is two is sort of as imagining
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occurred expense thing not a full grant. >> we received 4.5 and don't ask so historically we've left continue 5 and $600,000 a year i'm saying as we have discussions with the region on the shortened operations opens we'll ask for unused money. >> is that because the town hall toll of our operational experiences are not enough. >> we - the total of our needs are less than a with we received a and a. >> we cover the shortened operating expenses and able to take the shortened lease revenue and put to an operating. >> only apprehensible to the terminal the shortened five and six money. >> an operating grant for the
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transit center when we move over to the shortened transit center. >> and can our administrative overhead is partially reimbursed spent a lot of time. >> if we do the shortened cross allocation plan recover the shortened staff time with the manager running the facility we don't spend a lot of time for the shortened to me terminal. >> this money we'll be scarred to death for . >> in operations. >> oh, okay. >> good luck. >> thank you. >> thank you sarah. >> next item. >> >> all right. your schedule to go into closed session and not received any public comment on the shortened any allergies the shortened public comment has an
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opportunity now to speak on a meeting of august thursday, august 25, 2016, is now back in session and council item 8 conference with the matter of s k engineering with the corporation no action to report and item 9 legal counsel with the matter of laura at and then versus the transbay joint powers authority no action to
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report. >> okay. >> that concludes your business for today. >> our next meeting is september what yes? we'll see you then we're getting out early
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>> [gavel] okay i call this meeting of the transbay joint powers authority board of directorses for order for -- what is today? the eighth, september 8. i am still on summer mode. >> director gee. >> here. >> director kim.


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